National Australia Bank Ltd.

The dollar fell against most of its major peers as Secretary of State John Kerry said the U.S. will explore a Russian proposal for Syria to turn over its chemical weapons while seeking approval for military strikes.

The euro’s 25% jump against the yen over the past six months underscores the rising pressure on European Central Bank President Mario Draghi to cut interest rates as the region’s exporters lose out to Japan.

The yen gained versus the dollar, erasing yesterday’s loss, amid speculation a decision tomorrow by the Bank of Japan will signal its monetary-easing efforts will fall short of its goals and fail to reignite inflation.

The euro dropped the most in two months against the dollar as services and manufacturing in the region shrank to a three-year low, adding to evidence the central bank will need to do more to spur growth.